Sweden-listed H100 Group is moving to deepen its European footprint through an acquisition of Swiss Bitcoin treasury specialist Future Holdings AG.
H100 moves to buy Future Holdings for $753,000
Switzerland-based Future Holdings AG, a dedicated Bitcoin treasury company, has signed a non-binding letter of intent with H100 Group for a full sale of its shares. The preliminary agreement values Future Holdings at around 600,000 Swiss francs, equivalent to approximately $753,000, and paves the way for H100 to expand into the Swiss institutional market.
The deal structure foresees H100 acquiring 100% of Future Holdings’ equity. However, the consideration will not be paid in cash. Instead, the Swedish company plans to settle the entire purchase price in newly issued H100 shares, priced at the latest closing rate before the letter of intent was signed. This share-based approach underlines H100’s intent to integrate Future Holdings into its listed corporate framework.
The valuation includes a base component of 375,000 Swiss francs, with the remaining amount linked to Future Holdings’ current cash position. That said, the final price will only be determined once due diligence is completed. Both parties expect to negotiate binding contracts and aim to close the transaction by January 2026, subject to standard corporate and regulatory approvals.
Strategic role of Future Holdings in H100’s plans
Future Holdings was co-founded in November 2025 by Adam Back, Richard Byworth, and Sebastien Hess as a focused Bitcoin treasury platform. At launch, the company raised $35 million to build long-term reserves in the largest cryptocurrency. Moreover, this capital base has positioned Future Holdings as a specialist vehicle for institutional exposure to Bitcoin held on a corporate balance sheet.
Through the planned acquisition, H100 will gain direct access to Future Holdings’ Bitcoin reserves and its operational setup in Switzerland. This enables H100 to tap into a jurisdiction that has become a hub for digital asset companies and regulated institutions. In addition, the deal is expected to give H100 a ready-made framework for servicing European clients seeking structured Bitcoin exposure.
Richard Byworth, Chairman of Future Holdings, said the combination is designed to strengthen institutional confidence. He argued that bringing Future into a publicly traded group provides a visible public-market platform and governance structure. According to Byworth, a stock market listing helps build long-term credibility with institutional investors that require transparency and regulatory oversight.
Adam Back and H100’s financing link
The relationship between Adam Back and H100 predates the current transaction. In June 2025, Back extended a $2.1 million convertible loan to H100, providing growth capital while aligning incentives via potential equity conversion. Moreover, the agreement included an option for H100 to receive up to an additional $12.8 million if certain conditions were met, reinforcing Back’s role as a key strategic backer.
This financing arrangement helped cement the strategic fit between H100 and Future Holdings. It also underlined Back’s broader investment support for corporate Bitcoin balance-sheet strategies across Europe. The current h100 acquisition of Future Holdings builds directly on that earlier financial alignment between the parties.
Beyond Switzerland, Back has supported other Bitcoin treasury-focused firms, including Capital B in France and The Bitcoin Standard Treasury. His involvement has typically centered on companies dedicated to accumulating and managing Bitcoin reserves for long-term holding. During mid-2025, Back characterized the wave of corporate Bitcoin buying as a “new altcoin season” for market participants, highlighting its perceived trading impact.
European expansion and Swiss positioning
H100 views the deal as a key step in its broader European expansion beyond its Nordic roots. By integrating Future Holdings, H100 gains on-the-ground experience in Switzerland, a country seen as a leading jurisdiction for regulated Bitcoin treasuries. Furthermore, the acquisition is expected to strengthen H100’s profile among European institutions exploring long-term Bitcoin allocations.
Sander Andersen, Chairman of H100, stressed that Switzerland remains central to the firm’s growth plans. He said Future Holdings brings relevant local knowledge, compliance expertise, and market access in the Swiss ecosystem. According to Andersen, Switzerland is viewed internally as a “key market” for scaling institutional Bitcoin offerings and building a sustainable European footprint.
The transaction remains subject to comprehensive due diligence, board approvals, and any necessary regulatory clearances. Both companies continue to target completion by January 2026, assuming all conditions are met. Once finalized, the deal will create a publicly listed platform integrating Future Holdings’ Bitcoin treasury assets with H100’s capital markets presence.
Outlook for Bitcoin treasury consolidation
Industry participants see the proposed Future Holdings AG purchase as part of a wider consolidation trend in corporate Bitcoin balance-sheet vehicles. As more listed companies seek direct Bitcoin exposure, specialized treasuries are becoming acquisition targets for firms that want scale and regulatory credibility. However, final terms and valuation will ultimately depend on the results of the ongoing due diligence process.
In summary, the planned share-based acquisition gives H100 an immediate foothold in Switzerland’s Bitcoin market, while offering Future Holdings’ founders and backers a public-market structure. If completed as outlined, the transaction will link Adam Back’s treasury initiatives more tightly to H100’s European ambitions and could signal further consolidation in the Bitcoin treasury space.
Source: https://en.cryptonomist.ch/2026/01/12/h100-acquisition-future-holdings/
